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10.03.2015 11:43 AM
Daily analysis of GBP/USD for March 10, 2015

On the daily chart, the GBP/USD pair is forming a lower low pattern below the resistance level of 1.5086, where we could expect a fall to the support level of 1.4948. The zone mentioned above is important, as the GBP/USD pair could strengthen a bearish bias in the medium and long terms and the price is currently on the bearish side.

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The pair is still below the resistance level of 1.5162 and that zone has already produced some pullbacks in GBP/USD during the last hours. Currently, the GBP/USD pair is trying to break the support level of 1.5028 again. If it is successful, the next target is seen at the level of 1.4948 in a very short term. The MACD indicator is still in the negative territory.

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Daily chart's resistance levels: 1.5086 / 1.5247

Daily chart's support levels: 1.4948 / 1.4820

H1 chart's resistance levels: 1.5097 / 1.5162

H1 chart's support levels: 1.5028 / 1.4948

Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5028, take profit is at 1.4948, and stop loss is at 1.5108.

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